So most lose money and trap for fun. So.....if you get a fur check for say 500 and your costs are say 700. Would you even make the claim? No reason to. No profit. Yes/no?

As a small business owner there are advantages of taking a loss if you have another source of income.

No. They'd try to find a way to tax me on money I'm losing too lol

It's considered a hobby. You add the 500 to your income and pay taxes.

First rule of fish club, we don’t talk about fish club….

Seems that if your expenses were $700, you lost $200, you didn't gain $500. So why you'd give Uncle Sam anything is beyond me. That's why hardcore gamblers always have a membership card to the casino they like, not for the dumb coupons in the mail, it's so they can track every penny they lost, so when they do finally win some of it back, they're not paying tax on the "winnings", it gets offset by the gobs they lost beforehand

But you didn't have an income. 500 - 700 = -200.

No income

Spikes right . You were spending money to be entertained not make income. Those are not business expenses.

Keep records of all expenses trapping related..
There are many allowable tax deductions available to the small buisnessman.If you operate out of your home,many of your home expenses can be partially used to lower tax liability.Direct buisness losses can be carried over from poor years to be used to lower your tax liability in good years.
Commercial trapping falls under the same tax code as farming and commercial fishing.(here).
Like Dirt said if you are a hobby trapper,just claim the income with your other income.

YOUR CORRECT IN CANADA!

Care to elaborate on the differences in your countrys tax law to help the OP?
Or are you just bloviating?

There is no way that a trapper can use the income as a small business of trapping. Your expenses would eat up any profit thus after losses for 3 years would be considered a hobby and in an audit you would be denied your claims!

From my experience.

Here’s the thing. If you keep good records write everything off show a loss, BECAUSE if we have another fur boom and we all make a large profit Uncle Sam will come for his share. Unless you are selling for cash only there is a record( even some cash transactions). I don’t purchase a lot of new equipment but I do keep my mileage. I have turned in my fur money since 1980, I don’t regret it.:)

For discussion purposes. The trapper has a $100,000.00 super cub and on a high marten catch year catches $30,000.00 of marten. How do you think the tax advantage works?…..considered hobby.

Everything works until you sit across the table from an IRS auditor. Been there done that.!

Hobbies have no business expenses. You may be able to claim these expenses under itemized deductions still, if you itemize.

I'm protecting livestock. That's a farm expense. I do include my very modest fur checks as income.

I must keep track of such things, gain or loss, to keep in good standing for the “k” tag.

You’re missing the point. It appears you have a business that you’re hired to protect livestock. So you’re probably can have right offs on that business.

The question is trapping & taxes. A licensed business is a different issue.

Like any other item used for transportation(truck etc) while trapping,It is usually not used solely for trapping,so only the percentage related to actual buisness use is deductable as expenses and capital cost deduction(depreciation)so may not put you in the red.Good record keeping is essential.many trapping organizations here provide log books for trappers to make record keeping simple and accurate.
Here you can choose a lower amortization rate over a longer period of time if it is beneficial.
Of course with low fur prices like today and little trapping effort for many there is no advantage to run as a small buisness.
I would say if its under a few g might as well just lump it in with other income.